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Isle of Man Company Restoration

Isle of Man Company Restoration

We can restore an Isle of Man company which has been struck off or dissolved from the Register by the Department of Enterprise.

Isle of Man Companies are normally dissolved for failing to file their Annual Returns, in such cases the Registry uses its powers to dissolve the Company under Section 273(8) of the Companies Act. Assets and property of a dissolved company vests Bona Vacantia in the Treasury in trust for the Crown.

Isle of Man Company Restoration fees

As a guide, fees and disbursements would be:

Isle of Man Company Restoration fees
Our Service fee for the Restorationfrom £1200
Isle of Man Registry Restoration fee£1185
Isle of Man Registered Agent Restoration fee£800
Transfer in and change of agent Isle of Man£1600
Isle of Man Fiduciary Services to include Registered Office, Company Secretary and Agent£3010
Due Diligence fee – per Director & Shareholder£80
Review and evaluation of company’s activities in relation to Economic substance and Income Tax£200
Newspaper Gazette advertising£250
Setting up register details and attending to filing the overdue Annual Returns£800
Isle of Man Tax Returns£300
Annual Statutory maintenance fee – maintenance of the company’s statutory registers£800
Disbursement: Annual Return filing fee£630

It would be usual for the Assessor’s Office to require confirmation that the company’s tax returns are brought up to date, which will mean the preparation of Financial Accounts and Tax Returns and there will also be late filing fines with respect to the tax returns.

Legal Costs & Expenses on Company Restoration

  • Obtain a company search
  • Obtaining and perusing relevant filings and various related documents
  • Drafting and completing the documents necessary for the application
  • Drafting the restoration order
  • Serving documents and communicating with on the Registrar of Companies
  • Advertisement as required
  • Filing the application with the Court if necessary
  • Attending court hearing

Disbursements or Expenses:

  • Outstanding filing fees on annual returns
  • Penalty for late filings and other penalties
  • Court filing fees
  • Filing fees to the Companies Registry on the restoration application

Restoration Requirements and Procedure

The process to restore will take around 3 months, as two sets of 30-day notices are required to be published in an Isle of Man newspaper.

In order for a struck off company to be restored by the IOM Registry the following fees must be paid:

  • Pay all of the annual government fees it would have paid as if it had remained active
  • Pay the government restoration fee to the IOM Registry
  • Payment of all unpaid Registered Agent fees

When all the fees and penalties are paid, the Registrar shall restore the name of the company to the register and upon the restoration the company shall be deemed never to have been struck off.

The Company must not have been struck off or dissolved for more than 12 years.

IOM Sec 247

The application can be made by a:

  • Director, who was in office when the Company was dissolved, or
  • Shareholder

We have to obtain written confirmation stating that they have no objection to the restoration of the company from the:

  • Attorney General
  • Assessor of Income Tax and
  • Collector of Customs & Excise

The Assessor of Income Tax and the Collector of Customs & Excise will require all matters outstanding to be settled before issuing such confirmation.

We then complete, sign and lodge the form at the Registry together with the fee, copies of the letters and notice in and the original Government consents.

Assuming no objections are received within the 30-day notice period. the Department may issue a direction that the Company may be restored.

Where the outstanding returns, fees and penalties have not yet been submitted, the applicant will be required to bring outstanding annual returns and other corporate filings up to date.

The Companies Registry will restore the Company and the Company will be deemed to have continued in existence as though it had not been struck off or dissolved.

Transfer Isle of Man Registered Agent

An IOM company can only be restored by the registered agent on record, or the agent must be changed to a new agent undertaking the company restoration, which we can organise.